The Board of Control for Cricket in India (BCCI) is on the hunt for a fresh title sponsor for the Indian Premier League (IPL), but potential bidders face strict criteria, according to a report.
Notably, the BCCI is taking a cautious stance on bids from Chinese companies or brands, a move influenced by the fallout from Vivo, a Chinese smartphone maker. Vivo chose to exit its five-year sponsorship agreement in the wake of the India-China border standoff, leading to concerns and subsequent handover of sponsorship rights to the Tata Group.
Reportedly, the Invitation to Tender (ITT) includes a critical clause emphasizing that bidders, as corporate entities, must not be incorporated in jurisdictions with which India lacks friendly relations. In cases where a bidder's shareholder or proposed shareholder is from such a jurisdiction, detailed shareholding information, including ultimate owners' details, becomes a material obligation.
Expanding the list of ineligible bidders, the BCCI excludes companies associated with fantasy games, cryptocurrency, gambling, alcohol, and certain sportswear domains from participating in the bid. Notably, athleisure, performance wear, and select sportswear companies are also barred.
Despite mixed initial responses to the sponsorship tender, the BCCI remains optimistic about attracting reputable bidders given the IPL's global standing. The anticipated bidding process for the five-year sponsorship agreement, extending until 2028, is scheduled around January 13-14, with interested parties able to acquire the ITT document until January 8.
(With Agency Inputs)
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